We have recently released our latest update of the Manufacturing Industry Output (MIO) Tracker for February. The below infographic demonstrates some of our key findings
Despite global manufacturing contracting by -3.9% in 2020, growth is anticipated in 2021 and forecast to surpass pre-pandemic levels. The largest barrier to economic growth is the supply and application of vaccinations which currently varies from region to region with the UK and US leading the way out of the top 10 regions from this report.
The infographic is also available to download in PDF here
We have decided to extend our previous offer and make the full report available to all companies for free. Please click here for more information.
Interact Analysis expects global manufacturing to contract by 3.9% in 2020, however it is expected to grow 6.0% in 2021
Economic recovery is expected to be robust with 2021 levels surpassing 2019 pre-pandemic levels
The global machinery market will shrink in excess of 6% in 2020, however it should return to pre-pandemic levels by 2022 at the latest
Semiconductor & Electronic Components are expected to grow 5.6% based off of strong performance in APAC regions such as China, Korea and Taiwan
Global industrial production is expected to have lost close to $1.6 Trillion of value due to the pandemic
One of the hardest hit industries is Automotive production which is unlikely to recover properly until after 2023, it is expected to shrink 14.6% and be down 0.5T dollars from 2019
Aerospace will be even worse which is expected to contract over 22.9% in 2020 due to a collapse in demand for air travel during peak times. Due to the extent of this collapse and the blockages to international travel the industry is not expected to surpass 2019 levels until 2025
Of the top 10 largest MIO regions China is the only expected to grow at 1.9% and India is expected to be the worst hit at -16.7% due to the 6-8 week manufacturing lockdown impacting production.
Largest barrier to return to normalcy is supply and application of vaccinations. Of our top 10 regions UK and US are leading the way with 19.4 and 13 vaccination doses per 100 people. Japan and Korea were still awaiting approval for vaccine rollouts so currently have 0 vaccine doses per 100 people. (Data correct as of 10th February 2021)